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May 4th Transportation Stock News

Old 05-04-2020, 07:11 AM
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https://www.cnbc.com/2020/05/04/stoc...ntel-more.html

American is down 10% ($9.59) at 1100EDT; Delta is down 9% at $21.94; UAL down 9.5% at $24.08; SWA down 8% at $26.92.

Big 4 Automaker stocks on watch after April sales came in at 8.6M compared to 16.52M April 2019 (48% drop). That's the lowest rate of auto sales since AutoData calculations began in 1980;

Hertz has until today to pay $500M or obtain a waiver; failing that they'll likely have to file bankruptcy in the next few days;
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Old 05-04-2020, 10:06 AM
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DURRR HURR!!

It's obviously time to buy!
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Old 05-05-2020, 07:23 PM
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Originally Posted by AirBear View Post
https://www.cnbc.com/2020/05/04/stoc...ntel-more.html

Hertz has until today to pay $500M or obtain a waiver; failing that they'll likely have to file bankruptcy in the next few days;
Hertz got an extension until May 22nd. They still in deep trouble thou and barring Gov intervention there aren't looking too good. I didn't realize Carl Icahn owns 39% of Hertz. 2/3 of Hertz's revenue comes from it's airport locations. Another large chunk comes from people renting while their cars are being repaired. Both sources are way down right now, accidents have dropped a lot since driving is way down.

Most Hertz debt is backed by the autos they operate. But those have dropped in value along with other used car prices. Lenders can require Hertz to put up more collateral as those values drop. However, lenders know they will take a major haircut if Hertz files Chapter 11 so they're being flexible. Hertz has $500M of unsecured 6.25% coupon bonds, those are trading for 20 cents on the dollar right now.
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